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To: uel_Dave who wrote (8184)	3/19/2000 9:09:00 PM
From: Voltaire	Read Replies (1) \| Respond to of 35685

Dave, If Bebo gets called. He takes his money, looks around and says, ok let's see, oh, there is RNWK paying 10% and 20% with margin, thank you very much. If qcom announced about two weeks before earnings that NOKIA was coming on board and he felt that there was a 75 point one day gain coming he could buy back the calls and sell a higher strike price in another month or same month. INTERESTING DEVELOPMENT HERE - By not selling stock, there is no capital gain and by buying the calls back at a higher price than you sold them for, you have now created a SHORT TERM LOSS to help offset any gain. This is interesting because theoretically one could sell calls on an ever ascending stock and never have a capital gain and just perpetuate continual losses while his portfolio is increasing in value. V